An ACTFA Special General Meeting (SGM) to be held on 8 October 2017 starting at 1pm at the UCAN Meeting room, University of Canberra Building 29, Sports Common, University Drive North, Bruce, 2617.

 

The SGM is being asked to consider the following:

 

That the ACT Fencing Association (ACTFA) be given power to raise a loan with the AFF for the sole purpose to cover cash-flow shortfalls incurred with the running of the Commonwealth Open and Veteran Fencing Championships in 2018 (known as CFC2018). 

 

The following background is provided:

 

The ACTFA Executive is bidding to host the 2018 Commonwealth Open and Veteran Fencing Championships (CFC2018) in Canberra at the AIS.  A working party (Cerri, Gordon, Hans and Garry) has formulated a balanced Budget for the event.  The Event Budget represents a very significant cost of up to $250K worth of expenses mainly spread over the 2018 calendar year.  The financial resources of ACTFA are not sufficient for to cover the cash-flow requirements, in 2018, to run the event.  Under the bid agreement, ACTFA shall underwrite the financial conduct of CFC2018.

 

The Working Party agrees that ACTFA has the resources and ability to run the CFC2018 to the level equivalent to hosting of the National Fencing Championships.

 

The AFF has under its Licencing and Agency Agreement the ability to provide loans to member State Fencing Associations.  It is proposed that ACTFA take up this agreement with AFF to cover the cash-flow shortfall for the 2018 Commonwealth Open and Veteran Fencing Championships.  The value of the loan is estimated to be a maximum for $150k for up to one year.  The repayment of the load and all interest is covered in the Event Budget for the 2018 Commonwealth Open and Veteran Fencing Championships, that is, there will be no enduring debt imposed on ACTFA.

 

Under the ACTFA constitution (specifically section 10.2, sub-section 4) the Executive Committee shall not allow the Association to go into debt.   To run the 2018 Commonwealth Open and Veteran Fencing Championships, ACTFA will need to carry a debt to cover the cash-flow shortfall.

Therefore, the ACTFA Executive is seeking the power to raise a loan with AFF for the sole purpose to cover the cash-flow requirements for the 2018 Commonwealth Open and Veteran Fencing Championships.